The best online high-yield savings accounts of June 2022

A high-yield savings account provides an ideal place to make more interest on your money. High-yield savings earn much higher interest rates than traditional savings accounts — you could earn more than ten times more in interest with the right account. As of June 2022, the national average APY on savings accounts is 0.

07% APY according to the FDIC . Savings rates for the largest US banks Bank APY Next Steps Citibank 0. 05% to 1.

01% (varies by state) Learn More Capital One 0. 90% Learn More PNC Bank 0. 01% to 0.

75% (varies by state) Learn More TD Bank 0. 01% to 0. 05% Learn More Bank of America 0.

01% to 0. 04% Learn More Chase Bank 0. 01% to 0.

02% Learn More U. S. Bank 0.

01% Learn More Charles Schwab Bank 0. 05% Learn More Wells Fargo 0. 01% to 0.

02% Learn More A strong high-yield savings account will be easy to maintain and will charge you minimal bank fees. It should also be FDIC insured, so your money is safe even if a bank were to shut down. Below, you’ll find our top picks for the best high-yield savings accounts, which stand out from competitors for a variety of reasons.

Some of our top picks pay among the highest interest rates right now. Others offer unique perks like savings tools or have a strong banking experience with multiple bank account options and 24/7 customer support. Discover Online Savings Account Discover Online Savings Account Annual Percentage Yield (APY) 0.

90% APY Minimum Deposit Amount None 4. 75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 75 out of 5 Stars Editor’s Rating Learn More Discover Online Savings Account 4.

75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 75 out of 5 Stars Editor’s Rating Learn More Annual Percentage Yield (APY) 0. 90% APY Minimum Deposit Amount None Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros Competitive APY No monthly service fee No opening deposit No insufficient funds fee No excess withdrawal fee Cons Only 1 branch location No debit card unless you open a checking account Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information No monthly balance requirements 100% US-based customer service available 24/7 No hidden fees Interest compounded daily, paid monthly FDIC insured Why it stands out: Discover offers a competitive rate, and it’s a solid low-fee option — there’s no fee for insufficient funds, excess transactions, or monthly maintenance. You also don’t need an initial deposit to open an account.

Discover offers 24/7 customer service , both over the phone and through online chat . What to look out for: If you don’t have a checking account, you may have limited access to your account since the savings account doesn’t include a debit card. Discover also won’t reimburse any fees charged by out-of-network ATM providers.

Ally High Yield Savings Ally High Yield Savings Account Annual Percentage Yield (APY) 0. 90% APY Minimum Deposit Amount None 4. 75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.

75 out of 5 Stars Editor’s Rating Learn More Ally High Yield Savings Account 4. 75 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 75 out of 5 Stars Editor’s Rating Learn More Annual Percentage Yield (APY) 0.

90% APY Minimum Deposit Amount None Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros High APY No minimum opening deposit No monthly service fees Savings buckets help you save for different goals Surprise savings transfers help you save extra money from your checking account Cons No physical branch locations No way to deposit cash Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Create separate savings buckets in a savings account Link to your Ally checking account and enroll in surprise savings transfers to have extra money transferred to savings three times per week Interest compounded daily, paid monthly FDIC insured Why it stands out: Ally is a particular favorite among millennials, who tout its accessibility and ease of use.

You can deposit checks through the mobile app and open multiple accounts in minutes. Ally makes it easy to save for specific goals. Assign each account a nickname, like “Emergency Fund” or “Travel Account” to track your progress and stay motivated.

You may decide to open a separate account for each goal, but Ally has a bucket feature that allows you to save for multiple goals in one account. What to look out for: Like most banks, Ally limits the number of transfers in and out of its high-yield savings account to six times per statement cycle. Each transfer over the limit will incur a fee of $10.

However, Ally is not charging an excess transaction fee during the coronavirus pandemic. Marcus High Yield Savings Why it stands out: Marcus pays a competitive rate and doesn’t require an opening deposit or minimum account balance. It also doesn’t charge monthly maintenance fees.

Marcus’ mobile app has also received positive reviews. What to look out for: Although users give the Marcus mobile app good reviews, the app doesn’t allow you to deposit paper checks digitally. Marcus also has more limited customer service hours than many competitors, both over the phone and through online chat.

Capital One 360 Performance Savings Capital One 360 Performance Savings™ Annual Percentage Yield (APY) 0. 90% APY Minimum Deposit Amount None 4. 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.

5 out of 5 Stars Editor’s Rating Learn more Capital One 360 Performance Savings™ 4. 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 5 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0.

90% APY Minimum Deposit Amount None Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Competitive APY No opening deposit or minimum account balance No monthly service fee Easy to save for various goals 24/7 live chat Cons Limited access to customer service by phone Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Over 470 branches in NY, LA, TX, MD, VA, NJ, and Washington, DC Interest compounded daily, paid monthly FDIC insured Why it stands out: Capital One 360 makes it easy to save for various goals.

The bank lets you set savings goals, then schedule recurring transfers from your Capital One 360 Checking account until you’ve saved the full amount. The account also pays a competitive rate with no opening deposit, minimum account balance, or monthly charges. What to look out for: You can chat live online with a representative, but Capital One has limited customer support hours.

Some competitors offer 24/7 customer support. CIT Bank Savings Connect Account Savings Connect Account Annual Percentage Yield (APY) 1. 20% APY Minimum Deposit Amount $100 4.

25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 25 out of 5 Stars Editor’s Rating Learn More Savings Connect Account 4. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.

25 out of 5 Stars Editor’s Rating Learn More Annual Percentage Yield (APY) 1. 20% APY Minimum Deposit Amount $100 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Competitive APY No monthly service fees Cons $100 minimum opening deposit Link to a CIT Bank eChecking Account Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information Must link to CIT Bank eChecking Account for easy access to your account Interest compounded daily, paid monthly FDIC insured Why it stands out: This is a good option if you want to earn a competitive rate and avoid monthly service fees. The account also only requires a minimum opening deposit of $100. What to look out for: You must open a checking account to qualify for this savings account.

If that’s a problem, you may like the CIT Bank Savings Builder High Yield Savings Account , which doesn’t make you sign up for checking. SoFi Checking and Savings SoFi Checking and Savings Annual Percentage Yield (APY) 0. 70% to 1.

25% APY Minimum Deposit Amount None 4. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 25 out of 5 Stars Editor’s Rating Learn more SoFi Checking and Savings 4.

25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 25 out of 5 Stars Editor’s Rating Learn more Annual Percentage Yield (APY) 0. 70% to 1.

25% APY Minimum Deposit Amount None Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros High interest rate Earn a higher interest rate if you set up direct deposit No minimum opening deposit No monthly service fees No overdraft fees Up to $300 bonus Earn up to 15% cash back at local retailers if you use a SoFi debit card No-fee overdraft coverage if you overdraw up to $50 Savings tools Early direct deposit Joint account available Cons Declined purchase if you overdraw by more than $50 Doesn’t reimburse out-of-network ATM providers’ fees May deposit cash at Green Dot locations but there’s a $4. 95 fee Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information Free access to 50,000+ Allpoint ATMs worldwide Hybrid checking/savings account Earn up to 15% cash back on local retailers when you use a SoFi debit card; Retailer information is available through online banking Earn 1. 25% APY with direct deposit Earn 0. 70% APY if you do not have direct deposit Earn up to a $300 bonus by 5/31/2022: Receive a $50 bonus if you make a direct deposit between $1,000 and $1,999 in the first 30 days; receive a $100 bonus if you make a direct deposit between $2,000 and $4,999 in the first 30 days; receive a $300 bonus if you make a direct deposit above $5,000 in the first 30 days; Create up to 20 Money Vaults to save for individual savings goals like an emergency fund or vacation $4.

95 fee each time you deposit cash at a Green Dot location To get no-fee overdraft coverage you must have at least $1,000 in direct deposits FDIC insured Why it stands out: SoFi Checking and Savings is a strong choice if you don’t want to deal with monthly service fees, overdraft fees, or out-of-network ATM fees. You can also earn a competitive interest rate that’s higher than what many traditional and high-yield savings accounts pay if you set up direct deposits. Even if you don’t set up direct deposits, you’ll still earn a great interest rate.

What to look out for: The account is a hybrid savings/checking account, so you’ll need to keep that in mind to get the most out of the account. If you deposit cash, you also might need to pay a fee. LendingClub High-Yield Savings Account LendingClub High-Yield Savings Account Annual Percentage Yield (APY) 1.

26% APY Minimum Deposit Amount $100 4. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 25 out of 5 Stars Editor’s Rating Learn More LendingClub High-Yield Savings Account 4.

25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 25 out of 5 Stars Editor’s Rating Learn More Annual Percentage Yield (APY) 1. 26% APY Minimum Deposit Amount $100 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros No monthly service fees Free ATM card included Cons $100 minimum opening deposit Interest compounds monthly Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Earn 1. 01% APY regardless of your account balance Interest compounded monthly, deposited monthly Member FDIC Why it stands out: The LendingClub High-Yield Savings Account stands out for a number of reasons — it offers an interest rate that’s higher than many other high-yield savings accounts, charges zero monthly service fees, and comes with an ATM card.

What to look out for: You’ll need at least $100 to open the savings account. Some of the other options on our list have lower minimum opening deposits. Synchrony High-Yield Savings Account Synchrony High-Yield Savings Account Annual Percentage Yield (APY) 0.

85% APY Minimum Deposit Amount None 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Editor’s Rating Learn More Synchrony High-Yield Savings Account 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Editor’s Rating Learn More Annual Percentage Yield (APY) 0. 85% APY Minimum Deposit Amount None Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Competitive APY Comes with an ATM card No required opening deposit or minimum account balance No monthly service fee Cons No physical branch locations Only reimburses up to $5 of out-of-network ATM fees per month Read Our Review Read Our Review A looong arrow, pointing right Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

More Information Access your cash online, by phone or via ATM Manage your accounts from virtually anywhere in the Synchrony app No minimum balance Interest compounded daily, paid monthly FDIC insured Why it stands out: The Synchrony High-Yield Savings Account earns among the most competitive interest rates on savings accounts right now. It might appeal to you if you’re looking for a straightforward savings account — there’s a $0 opening deposit and no monthly service fees. Synchrony also won’t charge you for using an out-of-network ATM and will refund up to $5 per month in out-of-network ATM fees.

What to look out for: Synchrony offers an ATM card instead of a debit card. ATM cards may be used for accessing ATMs, but not for making purchases like debit cards. BrioDirect High-Yield Savings Account BrioDirect High-Yield Savings Account Annual Percentage Yield (APY) 1.

15% APY Minimum Deposit Amount $25 4. 25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 25 out of 5 Stars Editor’s Rating Learn More BrioDirect High-Yield Savings Account 4.

25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 25 out of 5 Stars Editor’s Rating Learn More Annual Percentage Yield (APY) 1. 15% APY Minimum Deposit Amount $25 Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Pros $25 minimum opening deposit No monthly service fees Cons Must maintain at least $25 in your account daily to earn interest Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Must maintain at least $25 in your account daily to earn interest Interest compounded daily and deposited monthly FDIC insured Why it stands out: The BrioDirect High-Yield Savings Account earns a competitive interest rate as long as you keep at least $25 in your account daily. It also has zero monthly service fees .

What to look out for: The bank’s mobile app hasn’t received a rating yet, from the Google Play store. On the bright side, it has 4. 8 stars in the Apple Store.

TAB High-Yield Savings Account TAB High-Yield Savings Account Annual Percentage Yield (APY) 1. 26% APY Minimum Deposit Amount None 4. 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.

5 out of 5 Stars Editor’s Rating Learn More TAB High-Yield Savings Account 4. 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4. 5 out of 5 Stars Editor’s Rating Learn More Annual Percentage Yield (APY) 1.

26% APY Minimum Deposit Amount None Pros & Cons Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros High APY No minimum opening deposit No monthly service fees Cons No physical branch locations $5 paper statement fee Details Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. More Information Must maintain $1 minimum daily balance to earn APY Interest compounds daily to maximize earnings FDIC insured Why it stands out: TAB Bank has a competitive interest rate on its savings account and lets you open an account with $0.

What to look out for: Something to be mindful of is TAB Bank doesn’t have any branches or free ATMs. You’ll have to be comfortable with an online-only banking experience and use external bank accounts to deposit money into your account. Other online accounts we considered Salem Five Direct eOne Savings : Salem Five Direct pays a high interest rate, but some of our top picks offer higher interest rates or have better customer support availability.

Axos High Yield Savings Account : Axos is a solid free savings account but other banks on our list offer more competitive interest rates right now. Vio Bank Online High-Yield Savings Account : Vio has a solid fee-free savings account, but our top picks have lower minimum opening deposits and pay higher interest rates. Chime Savings Account : Chime has unique savings features to help save for goals, but it’s interest rate is lower than all of our top picks.

HSBC Direct Savings Account (Member FDIC): HSBC Direct offers a competitive rate, but the mobile app has received negative reviews. American Express® High Yield Savings Account : While the account pays a solid interest rate and requires only a $0 opening deposit, there isn’t an app for banking customers. Betterment : This robo-adviser’s high-yield cash account doesn’t limit transfers.

However, Betterment doesn’t have 24/7 customer support and its APY is lower than what you’ll find with some of our top picks. Wealthfront : This account offers unlimited transfers in a statement cycle as well as checking account features including a debit card, online bill pay, and direct deposits with the ability to get paid two days early, but its APY is lower than some competitors’ rates. Bread Savings High-Yield Savings Account : You’ll earn a high interest rate, but the bank’s mobile app has poor ratings in the Google Play store.

Barclays : A fine high-yield savings account with a competitive APY, it lacks distinguishing factors. CIBC Bank (Member FDIC) : You only need to maintain a balance of $0. 01 to earn interest on this high-yield savings account, but you have to put down $1,000 to open the account in the first place.

Fitness Bank (Member FDIC) : This unique high-yield savings account determines your APY by the number of steps you take on an average day. While there’s potential to earn a high rate on your money, it’s conditional on your level of commitment. Citizens Bank : Despite offering a respectable APY, the minimum deposit to open a high-yield savings account here is $5,000.

My Savings Direct (Member FDIC) : This high-yield savings account earns a decent rate, but there are others with better user experience and similar features that earn more. SFGI Direct (Member FDIC ) : Although SFGI Direct’s high-yield savings account earns a respectable APY, it requires $500 to open an account. Credit Karma : This high-yield savings account pays a relatively low rate, and as a credit and loan company, Credit Karma’s expertise is not in traditional banking.

Personal Capital : This is technically a cash account, which makes it easy to sweep some money into investments, but pays a very low APY on your savings. USAA Savings Account (Member FDIC) : This account could be a good fit for military members and families, but you’ll earn a low rate and need at least $25 to open an account. UFB Direct (Member FDIC) : UFB offers a high APY on balances of $10,000 or more.

Nationwide My Savings Account (Member FDIC): You need $100 to open an account with Nationwide, and its interest rate is only so-so. Citi® Accelerate Savings : This account pays a high APY if you have a balance of at least $1, but it’s only available for residents of certain US states. TIAA Basic Savings Account : It’s easy to waive the $5 monthly fee, but TIAA’s rates are a little lower than what you’ll find with our top picks.

How did we choose the best online high-yield savings accounts? There are a lot of high-yield savings accounts out there. Through our research, we’ve found that the best high-yield savings accounts are offered by banks with a strong online presence, robo-advisers, and other internet-only financial companies. In addition to polling Insider employees for their favorite picks, we reviewed high-yield savings accounts at nearly two dozen institutions to identify the strongest options.

We also cross-referenced our list against popular comparison sites like Bankrate and Nerdwallet to make sure we didn’t miss a thing. While interest rates are an important aspect of any high-yield savings account, several offer the same annual percentage yield (APY). To differentiate between them, we also considered minimum deposit and balance requirements, transfer limitations, and any other standout features.

Importantly, we didn’t consider any high-yield savings accounts that impose monthly maintenance fees. Frequently asked questions Why trust our recommendations? Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too.

We spent hours comparing and contrasting the features and fine print of various products so you don’t have to. How does a high-yield savings account work? High-yield savings accounts are typically offered by online-only banks, or by brick-and-mortar banks that offer online-only savings accounts. Banks can typically pay higher rates on these accounts because they don’t have to cover expenses that come with physical branch locations.

A high-yield savings account rate is variable, which means it can fluctuate after you’ve opened the account. Your bank will usually email you to tell you the rate will go up or down soon. Are online high-yield savings accounts worth it? Yes — a high-yield savings account has very few downsides, if any.

There’s no risk that you’ll lose money, your account is insured by the FDIC (usually up to $250,000, but up to $1 million in some cases), and it gives you a shot at beating inflation. The only time a high-yield savings account may not be worth it is if you’re paying excessive maintenance fees that eat into your interest payments or you find yourself restricted by the monthly transfer limit or time it takes for your money to get to your checking account. Which banks have the best savings interest rates? Generally you’ll find the best savings interest rates at online banks .

Nationally, the average traditional savings account earns just 0. 07% APY APY. The best high-yield savings accounts offer at least a 0.

60% APY. If you’re more comfortable banking with a brick-and-mortar, a traditional savings account may be a better option for you. Just know that you may not be getting the best possible interest rate.

How often do high-yield savings rates change? Interest rates on high-yield savings accounts closely follow the federal funds rate. That is to say, rates are variable and can change multiple times per year at the whim of the Federal Reserve . The Fed meets eight times a year and decides whether to increase, decrease, or leave interest rates untouched.

If the Fed cuts rates, the APY on your savings account can drop within days. When rates are lower , you won’t earn as much interest on your savings. Savings interest rates have slowly been going up over the few months .

However, there likely won’t be a significant increase in rates. This doesn’t mean you shouldn’t save at all. When interest rates inevitably go back up, you’ll see a greater return on your money than if you started from scratch.

Is there a 5% interest savings account? Today, the most competitive high-yield savings accounts top out around 1. 00% APY. If you want a higher return and you don’t need immediate access to your money, you may consider putting it in a certificate of deposit (CD) or investing in the market.

What’s the difference between a high-yield savings account and money market account? A high-yield savings account and money market account are both savings tools that pay competitive rates on your money. The main difference is that money market accounts often make it easier to access your money by sending you paper checks or a debit card. This can be convenient if you need to access money quickly in an emergency, but easy access might make it more tempting to spend your savings.

See Insider’s picks for the best money market accounts » What’s the difference between a high-yield savings account and CD? When you put your money in a high-yield savings account, you should be able to withdraw or transfer funds regularly. The rate is variable, meaning it can change after you open the account. With a CD, you choose a CD term, probably between one and five years.

You put your money in the CD, and you don’t withdraw any funds until the term is over. The rate is typically fixed, meaning your APY is locked in from the time you open the account until the term ends. You can deposit money into your high-yield savings account whenever you want, but most banks only allow you to make one initial deposit when you first set up the CD.

CDs can be good saving tools if you’re okay with parting with your money for a while, but if you need access to money sooner, a savings account is probably a better choice. See Insider’s picks for the best CD rates » Which bank is the most trustworthy? The Better Business Bureau grades businesses based on factors like responses to customer complaints, honesty in advertising, and transparency about business practices. Here is each company’s score: Institution BBB grade Discover Online Savings Account A+ Ally Bank C- Marcus High Yield Savings A+ Capital One 360 A- CIT Bank B SoFi A+ LendingClub A- Synchrony High-Yield Savings A+ BrioDirect B- TAB Bank A+ Of our top picks, Ally, Capital One, CIT Bank, and LendingClub have the lowest grades.

The BBB cites the number of customer complaints on the BBB website as the reason behind CIT Bank’s and Capital One’s grades. Ally has a C- grade and BrioDirect has a B- grade due to a high volume of customer complaints and unresolved customer complaints. LendingClub has a A- rating due to government action taken against the business.

LendingClub and SoFi have also been involved in recent public controversies. In July 2021, LendingClub Corporation paid $18 million in a settlement with the Federal Trade Commission when accused of deceptive lending practices that charged consumers hidden fees and told them they were approved for a loan even when they weren’t. In 2019, the Federal Trade Commission ordered SoFi to stop running advertisements that falsely stated customers could save more money by refinancing than they actually could.

Experts’ advice on choosing the best HYS account for you We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best high-yield savings accounts for your needs. Insider Tania Brown, Certified financial planner at SaverLife Roger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life” Mykail James, MBA, certified financial education instructor, BoujieBudgets. com Laura Grace Tarpley, certified educator in personal finance, editor of banking and mortgages, Personal Finance Insider Here’s what they had to say about high-yield savings.

(Some text may be lightly edited for clarity. ) Generally, what makes a high-yield savings account good or not good? Roger Ma, CFP: “It might not be as seamless to get your money out of an online savings account as it is a brick-and-mortar, but you don’t want to have so much friction where it’s such a pain to get the money out when you need it. ” Mykail James, CFEI: “Anything with a fee is not a good high-yield savings account.

Anything that restricts how much you can save is, to me, not very good. If I can’t save more than $10,000 in this account, and then I have to move it over somewhere else — to me, that’s not a really good savings account, because it’s not really prepared to help me expand and grow, which is what a savings account is supposed to do. I also look at interest rates, definitely.

I look to see when the interest is paid. Is it quarterly, or is it monthly? How often do they pay out interest, and what are the interest rate stipulations?” How should someone decide whether to put their money in a high-yield savings account, money market account, or CD? Tania Brown, CFP: “So I guess we’ll start off with how much money you want to put in and . .

. the level of transactions you want to have. If you want to have any transactions, that automatically takes out CDs.

Then you’re stuck between the high-yield savings and the money market account. ” Laura Grace Tarpley, Personal Finance Insider: “I would use a high-yield savings account or money market account for short-term goals or an emergency fund. You’ll probably want to choose whichever has a higher rate, but money market accounts can be good for emergency savings because they often come with a debit card or paper checks, making it easy to access money quickly.

Then use CDs for longer-term goals, like buying a home in a few years. ” Laura Grace Tarpley, CEPF Personal Finance Reviews Editor Laura Grace Tarpley is a personal finance reviews editor at Insider. She edits articles about mortgage rates, refinance rates, lenders, bank accounts, and borrowing and savings tips for Personal Finance Insider.

She is also a Certified Educator in Personal Finance (CEPF). She has written about personal finance for six years. Before joining the Insider team, she was a freelance finance writer for companies like SoFi and The Penny Hoarder, as well as an editor at FluentU.

You can reach Laura Grace at ltarpley@insider. com. See below for some of her work.

Today’s 30-year mortgage rates Here are the best mortgage lenders right now The pros and cons of paying off your mortgage early The best online high-yield savings accounts Chase checking accounts: Compare all 5 options Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services » Read more Read less Sophia Acevedo, CEPF Junior Banking Reporter Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF). She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team.

Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider.

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